Is VTI bankrupt or being bankrupted? –12

By Modesto P. Sa-onoy

 

Leo Rey and Olivia thus received a total of PHP2.716-billion from 2016 to 2019. Note that Ricardo B. Yanson died on October 28, 2015 and I wrote that in December that year Leo Rey already drew millions from the VTI coffers as the SGV audit showed. It seems therefore that the diversion of funds to the personal control of Leo Rey and Olivia had started just days after the late Ricardo had been laid to rest and control fell entirely on Leo Rey’s hands.

I have no information whether Ginnette Dumancas also had taken funds from VTI under any account. If she was with Leo Rey in the organization of a competing bus company then we can suspect that she too had received money in terms of either “miscellaneous expenses” or other account name considering that she is an officer of VTI.

The miscellaneous expenses of Leo Rey and the personal expenses of Olivia staggers the mind even of the rich. Probably over 100 million Filipinos cannot imagine how the elderly Olivia and the bursting young Leo Rey could spend so much money each year, over and above their regular salaries and other compensation and perks.

I recall someone close to the company who told me that the annual stockholder’s dividends, limited to the six children reached hundreds of millions. Olivia also got whatever amount the children received though no longer a stockholder. That was the family agreement, unwritten I think, when the family divided the estate of Ricardo Sr.

If indeed, the trio cannot decently and morally spend so much money, where did the money go? I asked before: Is it possible that the suspected plan to obliterate the legacy and memory of Ricardo B. Yanson with the formation of a competing transportation company was to be financed this way?

If Ginnette also received another billion pesos or more aside from salaries and dividends, it is conceivable she is part of the plan and in fact, information to be believed, she is a main actor in the formation of Love Visayas Transport Express. She however had been in the sidelights compared to Leo Rey and Olivia.

Of course, we open our space for any denials but lacking that proven matter otherwise, we assume the facts given to me are true.

From these facts, there is now a better appreciation of the information from a very reliable source saying that as early as last quarter of 2018, Ginnette and Leo Rey had already planned to put up their own bus firm, the Love Visayas Transport Express, Inc.

“Love” I believe refers to Olivia who is called by that endearing word by family members, friends and fawning retinue. Thus the name of the planned bus company makes sense and reveal who the owners are.

Is it possible that the suspected plan to obliterate the legacy and memory of Ricardo B. Yanson began that early? Or maybe hatched while the patriarch was still alive? The data so far point to that possibility.

Indeed, the essential elements are now emerging – the plan to bled VTI of funds as to bankrupt it, strip the existing properties and transfer them elsewhere, use the funds to form a new transport company controlled by the three – Olivia, Leo Rey and Ginnette and in the process, by attrition relegate the memory of Ricardo B. Yanson into oblivion as the new company named after Olivia takes the frontlines. Then, as one employer commented, “nothing would be left to the Y4.”

The most inhuman part in this plan is demanding that the workers be forced to contribute to the company coffers ostensibly to “save” VTI that the trio are strangling to death. Unfortunately for them the workers opened the canister of worms unaware that their bits and pieces of information completed some missing links in the grand plan.

The billions taken by the trio could have already been used to pay the bus manufacturers but the pandemic intervened and threw a monkey wrench into the plot. It was unexpected and probably so damaging that their great moment, as Hamlet bewailed “lost the name of action.”

We continue on February 22 digressing a new phase of this subject.